Indian fuel retailers have excess cooking gas supplies due to over-booking cargoes amid Persian Gulf disruptions and increased domestic production. Slow demand recovery from large consumers has led to storage issues and penalties.
Nayara Energy, India's largest private fuel retailer, has cut petrol by Rs 5/litre and diesel by Rs 3/litre nationwide. This move, driven by lower international crude oil prices due to easing Middle East tensions, marks the first price reduction by any fuel retailer in over two years. State-run companies kept prices unchanged.
Nayara Energy, India's largest private fuel retailer, reduced petrol by Rs 5/litre and diesel by Rs 3/litre nationwide. This is the first price cut in over two years, driven by lower international crude oil prices due to easing Middle East tensions.
Nayara Energy, backed by Russia's Rosneft, has exceeded 7,000 petrol pumps nationwide, solidifying its position as India's leading private fuel retailer. The company has rapidly expanded its network, adding over 500 outlets in 18 months, with a significant presence in rural areas.
BPCL Director Raj Kumar Dubey warned of unavoidable petrol and diesel price hikes due to ongoing global energy disruptions and rising crude oil prices. India is diversifying oil sources, including Russian crude, to avoid shortages and accelerate its transition to green energy.
India's state-run refiners have increased retail prices for diesel and petrol by nearly 1% for the third time in a week. This move aims to reduce processor losses and manage demand spikes, with cumulative hikes now reaching 5.5% for diesel and 5% for petrol.
India's state-run fuel retailers increased petrol and diesel prices by approximately 90 paise per litre on Tuesday, the second hike in less than a week. This follows a four-year freeze, attributed to the US-Iran conflict impacting global oil prices. The increases coincide with a severe heatwave across northern and central India.
Indian consumers are shielded from soaring global crude prices, but state fuel retailers are facing immense financial strain. Companies are losing approximately Rs 1,000 crore daily, with cumulative under-recoveries reaching nearly Rs 1.98 lakh crore. This price freeze, while ensuring supply, puts significant pressure on their balance sheets and future operations.
State-run fuel retailers will not receive government financial backing for losses incurred from selling petrol, diesel, and aviation turbine fuel below cost. Despite rising crude oil prices, the government has opted to shield consumers by not revising retail prices for these fuels, focusing instead on price adjustments for bulk diesel and commercial LPG.
The Competition and Markets Authority has found no evidence of widespread price-gouging by UK fuel retailers since the US-Israel war with Iran began. Profit margins remained broadly unchanged between February and March, though the CMA is investigating five retailers (two supermarkets and three non-supermarkets) for margin increases. Chief executive Sarah Cardell said the watchdog is investigating why these specific retailers saw increased margins and will report in May.
